Revlon Inc. (NYSE: REV) will acquire Elizabeth Arden Inc. (Nasdaq: RDEN) for about $419 million, a wager that uniting two aging cosmetics giants can reinvigorate both companies’ brands.

The beauty sector has seen robust deal activity lately. Catterton took beauty products retailer Steiner Leisure Ltd. private; Coty Inc. (NYSE: COTY) is in the process of buying more than 40 beauty brands from Procter & Gamble Co. (NYSE: PG); and Coty announced plans to buy Hypermarcas SA’s beauty and personal care business;

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